摘要
以我国A股上市公司为研究样本,本文系统研究了内部控制质量对于企业现金持有的影响及作用机制。实证结果表明,内部控制质量改善能够显著提高企业的现金持有价值,即投资者对内部控制质量高的企业的现金持有给予了显著更高的定价;其作用机制在于,内部控制质量的完善有助于抑制企业内部对自由现金流的过度投资,从而有助于企业更高效地持有相对较多现金以预防未来经营中的不确定性。本文的研究丰富和拓展了内部控制及现金持有等相关领域的研究文献,同时印证了近些年我国监管机构致力于内控体系规范建设的重要现实意义。
Using samples of A-share listed firms,this paper investigates how the level of internal control affects firms' cash holdings. We systematically study the relationship between internal control and the value of cash holdings,and also the influential mechanism. Empirical evidence shows that,the level of internal control is significantly positively related to the value firms' cash holdings. Further evidence shows that overinvestment level is lower in firms with high quality internal control,and accordingly those firms can hold more cash for precautionary consideration. The above findings reveal that a good internal control system helps mitigate the contradiction of the precautionary motives and agency cost of cash holdings. Our research helps enrich literature in cash holdings and also provides implications for firms' internal control development.
出处
《会计研究》
CSSCI
北大核心
2014年第3期71-78,96,共8页
Accounting Research
基金
国家自然科学基金青年项目(71202030)、国家自然科学基金重点项目(71132004)
教育部人文社会科学研究青年基金项目(12YJC630287)
教育部人文社会科学研究规划基金项目(13YJA630014)
教育部新世纪优秀人才支持计划(NCET-12-0602)
国有资产管理协同创新中心项目(GZ20130601)
中央高校基本科研业务费专项基金青年项目资助